HighTower Advisors LLC lowered its holdings in shares of Occidental Petroleum Corporation (NYSE:OXY – Free Report) by 5.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 643,975 shares of the oil and gas producer’s stock after selling 34,826 shares during the quarter. HighTower Advisors LLC’s holdings in Occidental Petroleum were worth $31,278,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Woodline Partners LP increased its holdings in Occidental Petroleum by 40.7% in the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer’s stock worth $2,817,000 after acquiring an additional 16,506 shares in the last quarter. Marshall Wace LLP purchased a new position in Occidental Petroleum during the second quarter valued at $4,584,000. Federated Hermes Inc. grew its position in shares of Occidental Petroleum by 696.7% in the second quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer’s stock valued at $1,008,000 after purchasing an additional 20,985 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Occidental Petroleum by 7.4% during the second quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer’s stock worth $4,443,000 after purchasing an additional 7,285 shares in the last quarter. Finally, AXA S.A. increased its stake in shares of Occidental Petroleum by 24.3% during the second quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer’s stock worth $5,740,000 after purchasing an additional 26,741 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on OXY. Wall Street Zen raised shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Zacks Research lowered Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Citigroup reduced their target price on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, July 17th. The Goldman Sachs Group decreased their target price on Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Finally, Morgan Stanley dropped their price target on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating for the company in a research report on Friday, June 26th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $64.83.
Insider Buying and Selling
In related news, CEO Richard Jackson bought 4,770 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The shares were bought at an average price of $52.38 per share, with a total value of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at $23,261,853.24. This represents a 1.09% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.50% of the stock is owned by insiders.
Occidental Petroleum Trading Up 1.1%
Shares of Occidental Petroleum stock opened at $60.72 on Wednesday. The stock has a 50 day moving average of $56.56 and a 200 day moving average of $56.71. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. The firm has a market capitalization of $60.70 billion, a price-to-earnings ratio of 9.40, a PEG ratio of 0.95 and a beta of 0.16. Occidental Petroleum Corporation has a fifty-two week low of $38.80 and a fifty-two week high of $67.45.
Occidental Petroleum (NYSE:OXY – Get Free Report) last posted its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.57. The company had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The company’s revenue for the quarter was up 53.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 earnings per share. As a group, research analysts predict that Occidental Petroleum Corporation will post 6.11 earnings per share for the current year.
Occidental Petroleum Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a $0.28 dividend. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 10th. This represents a $1.12 annualized dividend and a yield of 1.8%. Occidental Petroleum’s payout ratio is presently 16.10%.
Occidental Petroleum Profile
Occidental Petroleum Corporation is an energy company engaged in the exploration, development and production of oil and natural gas. Its operations are concentrated primarily in the United States, including the Permian and DJ basins, and it also has international activities in regions such as the Middle East and North Africa.
The company operates through oil and gas, chemical and midstream and marketing businesses. Its chemical segment, OxyChem, manufactures and markets chlor-alkali products, vinyls and other basic chemicals used in water treatment, construction, industrial manufacturing and consumer products.
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